來源：深圳高等金融研究院

企業短期激勵的社會成本

The Social Cost of Corporate Short-Term Incentives

講座信息

Seminar Information

主講人

Speaker

陳濤教授

南洋理工大學

Professor Tao Chen

Nanyang Technological University

日期和時間

Date and Time

2026年6月16日（周二）

11:30 - 13:00

June 16, 2026 (Tuesday)

11:30 am - 13:00 pm

地點

Venue

綜合教學樓A501會議室

Room 501, Teaching Complex A Building

講座概述

Abstract

We examine how short-term corporate financial incentives compromise product quality, leading to socially costly product failures. Employing a regression discontinuity design around analyst earnings-per-share forecasts, we find that firms conducting share repurchases to narrowly meet earnings targets experience significantly more subsequent product recalls, especially those involving consumer safety issues. These firms are also involved in more product-related negative incidents. This relationship is most pronounced among financially constrained firms. We highlight the real economic consequences of earnings management and provide new evidence on how capital market pressures can create negative externalities for consumers.

主講人簡介

About the Speaker

陳濤教授

南洋理工大學

陳濤博士是新加坡南洋理工大學南洋商學院的教務長金融學講席教授和副教授。他擔任金融學碩士項目的學術主任和金融學博士項目的協調員。他的研究重點是金融市場參與者在塑造公司政策中的作用，尤其關注環境、社會和治理（ESG）問題。他的研究還探討了金融科技和人工智能如何影響普惠金融和決策。他已在UTD24期刊上發表了6篇論文，在FT50期刊上發表了10篇論文。他擔任《金融管理》（Financial Management）、《商業研究雜志》（Journal of Business Research）和《英國會計評論》（The British Accounting Review）的副主編，以及亞洲金融協會副會長。他曾榮獲多項研究和行業獎項。據谷歌學術統計，他的論文引用量超過5000次，斯坦福/愛思唯爾將他評為全球頂尖2%的科學家之一。

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Dr. Tao Chen is a Provost’s Chair Professor in Finance and an Associate Professor at Nanyang Business School, Nanyang Technological University, Singapore. He serves as the academic director of the MSc (Finance) program and the coordinator of the PhD in Finance program. His research focuses on the role of financial market participants in shaping corporate policies, with particular emphasis on environmental, social, and governance issues. His work also explores how FinTech and AI affect financial inclusion and decision-making. He has published 6 papers in UTD24 and 10 papers in FT50 journals. He serves as an Associate Editor for Financial Management, the Journal of Business Research, and The British Accounting Review, and as Vice President of the Asian Finance Association. He has received numerous research and industry awards. His publications have received over 5,000 citations according to Google Scholar, and Stanford/Elsevier named him among the world’s top 2% of scientists.

全球生產網絡和資產價格

Global Production Networks and Asset Prices

講座信息

Seminar Information

主講人

Speaker

江浩教授

密歇根州立大學

Professor Hao Jiang

Michigan State University

日期和時間

Date and Time

2026年6月18日（周四）

11:30 - 13:00

June 18, 2026 (Thursday)

11:30 am - 13:00 pm

地點

Venue

綜合教學樓A501會議室

Room 501, Teaching Complex A Building

講座概述

Abstract

We identify choke points in global production networks as industries bridging flows across global value chains. These industries exhibit low substitutability: US firms exposed to Chinese choke points during the 2022 Covid-19 lockdowns experienced large and persistent sales declines. The Red Sea crisis demonstrates how negative shocks to water transport, a single choke point, propagate throughout the global network. This structural fragility is priced in global stock markets: firms in choke point industries earn annualized benchmark-adjusted returns exceeding 6%. The premium compensates for aggregate consumption risk, as downturns in choke point industries predict lower future US and global consumption growth.

主講人簡介

About the Speaker

江浩教授

密歇根州立大學

江浩是密歇根州立大學菲利普·J·梅講席金融學教授，也是風險投資、私募股權和創業金融中心聯合主任。他的研究方向為金融機構、投資和資產定價。他曾在《金融雜志》（Journal of Finance）、《金融經濟學雜志》（Journal of Financial Economics）、《金融研究評論》（Review of Financial Studies）、《貨幣經濟學雜志》（Journal of Monetary Economics）和《管理科學》（Management Science）等頂尖金融、經濟和管理期刊上發表論文。他的論文《共同基金偏離基準時的信息含量》（Information Content when Mutual Funds Deviate from Benchmarks）榮獲標準普爾道瓊斯SPIVA獎一等獎。他的研究成果曾被彭博社、《金融時報》、《福布斯》、《財富》、《華爾街日報》和《華盛頓郵報》等媒體報道。

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Hao Jiang is Philip J. May Endowed Professor of Finance at Michigan State University. He co-directs the Center for Venture Capital, Private Equity and Entrepreneurial Finance. His research focuses on Financial Institutions, Investments, and Asset Pricing. He has published in leading finance, economics, and management journals such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Management Science. His paper “Information Content when Mutual Funds Deviate from Benchmarks” won the Standard & Poors Dow Jones SPIVA Award First Prize. His research has been featured in Bloomberg, the Financial Times, Forbes, Fortune, The Wall Street Journal, and The Washington Post, etc.